The Independent Committee and the Board received an opinion from ModelCom Inc. (the “Opinion”) that the consideration to be received pursuant to the Transaction is fair from a financial point of view to the Public Shareholders. A copy of the fairness opinion, factors considered by the Independent Committee and the Board and other relevant background information will be included in the management information circular that will be sent to iPerceptions shareholders in connection with the special meeting to consider the Transaction.Speaking on behalf of the Independent Committee, Jean Lavigueur said: “In the past months, iPerceptions has sought interest from a wide variety of parties with respect to numerous potential transactions involving the Corporation in view of maximizing value for its shareholders. After an extensive review of the strategic alternatives available to iPerceptions and thorough review of the terms and conditions of the Transaction, of the Agreement and of the Opinion, as well as a thorough review of other matters, the Independent Committee unanimously determined that the Amalgamation is fair to the Public Shareholders and in the best interest of iPerceptions and its Public Shareholders. The Transaction with XPND is the culmination of this extensive process.”
XPND Fund To Privatize IPerceptions In A Transaction At $0.08 Per Share In Cash
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